Indian Hotels signs operating lease for Germany hotel | Mint
Active Stocks
Wed Feb 28 2024 15:59:21
  1. Tata Motors share price
  2. 957.75 -0.52%
  1. Tata Steel share price
  2. 140.75 -2.36%
  1. HDFC Bank share price
  2. 1,408.15 -0.87%
  1. Power Grid Corporation Of India share price
  2. 279.55 -4.43%
  1. ITC share price
  2. 408.60 -0.62%
Business News/ Companies / News/  Indian Hotels signs operating lease for Germany hotel
BackBack

Indian Hotels signs operating lease for Germany hotel

Indian Hotels Company (IHCL) signs Taj Hotel in Frankfurt, Germany, which will re-open in 2025 after refurbishment.

In its FY 2023 annual report, IHCL had reported that its gross revenue from operations increased to ₹5,809.91 crores from ₹3,056.22 crores in the previous year.Premium
In its FY 2023 annual report, IHCL had reported that its gross revenue from operations increased to 5,809.91 crores from 3,056.22 crores in the previous year.

Indian Hotels Company (IHCL), said that it has signed a Taj Hotel in Frankfurt, Germany under an operating lease arrangement. The company said the Taj Hotel Hessischer Hof at Frankfurt in Germany will re-open in 2025 after refurbishment. The refurbishment will mean the hotel will have a new design within the architecture of the historical structure.

The Grandhotel Hessischer Hof with about 117 rooms was bought by Peakside Capital Advisors AG in 2022 along with an adjacent office building and previously operated as a 5-star hotel with 121 rooms and suites for an undisclosed sum.

Puneet Chhatwal, managing director and chief executive officer of the company, in a statement said: "This is a milestone in our journey as we expand our footprint in key international gateway cities. Frankfurt is one of Europe’s most dynamic destinations. We are proud to gain a foothold in such an iconic structure."

In its FY 2023 annual report, IHCL had reported that its gross revenue from operations increased to 5,809.91 crores from 3,056.22 crores in the previous year.

Among its key international subsidiaries, UOH Inc owning US hotels registered a turnover of 657.69 crores and St. James Court Hotel Ltd. owning UK hotels registered a turnover of 418.27 crores during the fiscal. Per its report, it is also present in Bhutan, Maldives, Nepal, South Africa, Sri Lanka, United Arab Emirates, and Zambia. Some of these are in the form of fully owned subsidiaries, while others are joint ventures and associate companies.

Taj will re-open it with 134-rooms. “Frankfurt is a major international crossroads where we will set new standards for luxury hotels while also achieving a milestone as the first Taj hotel in continental Europe," said Boris Schran, managing partner at Peakside Capital. The private-equity company manages assets worth over EUR 1.4 billion on behalf of institutional investors.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

ABOUT THE AUTHOR
Varuni Khosla
Varuni Khosla is a journalist with close to 14 years of experience in writing business news stories for mainstream newspaper companies like Mint and The Economic Times. She reports and writes on luxury and lifestyle brands, hospitality and tourism news, the business of sports, the business of advertising and marketing and alcohol brands.
Catch all the Corporate news and Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 14 Sep 2023, 09:40 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App